When Recruiting Directors, Keep the Big Picture in Mind
Jack Milligan, editor-in-chief for Bank Director
One of the most challenging aspects of maintaining a strong board is finding strong directors to serve. Most smaller banks handle this process themselves—often with uneven results—while larger banks are more likely to use the services of a search firm when they need to add or replace a director. The process should be driven by the independent directors on the board’s governance or nomination committee, and in fact, this is a listing requirement for publically traded banks that are traded on the Nasdaq or the New York Stock Exchange. At some smaller, privately held banks, the CEO still recruits new...
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Jack Milligan is editor-in-chief of Bank Director, an information resource for directors and officers of financial companies. You can connect with Jack on LinkedIn or follow @BankDirectorEd on Twitter.